Apartments vs Condos

The main difference between a condo and an apartment is ownership. A condo (condominium) is a single unit you can buy and own, while an apartment is a unit you rent from a building owner or property company. Though they often look identical, your financial duties and rules change based on which one you choose.

Ownership and Living SetupCondo: You own your specific room or unit and share joint ownership of common spaces (like halls or gyms). You can live in it or rent it out to someone else.Apartment: You pay monthly rent to live in the space. A single company or landlord owns the whole building, and no units are for sale.Maintenance and RepairsCondo: You fix things inside your own unit. A condo board or association fixes the outside and shared areas, paid for by monthly fees. Apartment: The landlord or property manager handles all repairs, both inside your home and in the public areas.Rules and FeesCondo: You pay a monthly fee for building upkeep. You must follow rules set by a local owner board, but you have more freedom to change or upgrade your interior design.Apartment: You pay a security deposit and rent. You follow strict management guidelines, and you cannot make permanent changes to the look of the home. PG KO